Earthquakes – are you covered?

If you felt the recent tremors in western New York, you might be wondering if your home insurance provides any coverage for earthquakes.

Probably not. (but coverage is available)

Standard homeowners insurance policies exclude coverage for earthquakes, landslides, sinkholes, and other land movement. Most insurance companies offer coverage as an option, usually with a fairly large deductible applying.

The cost is usually quite reasonable in our area. A basic home might have a premium of $40 or $50. The cost goes up for higher valued homes, and brick homes cost more to insure than wood-frame homes.

Most insurance companies have a waiting period after an earthquake where coverage can’t be added (7-14 days typically). This is because there are often additional tremors and aftershocks following an earthquake. But if you are concerned, give your agent a call to get coverage added as soon as it is available again.

The information in this post is general in nature, and geared toward insurance conditions in Western New York. As always, you should speak with an insurance adviser to determine your specific insurance needs.